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China hits back at Moody’s for downgrading its credit rating
Hours after Moody’s Investors Service downgraded China’s credit rating, the nation’s finance ministry hit back with a statement on its website saying the rating agency overestimated the economic difficulties the country faces while underestimating Beijing’s capability in reforms. The Chinese government’s quick response marked a sharp contrast to a year earlier. At a conference in March 2016, China’s former finance minister Lou Jiwei said Beijing didn’t “care too much” about ratings from international agencies when asked about a previous Moody’s change of China’s credit rating outlook. Moody’s ... (full story)
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Take my view with a pinch of salt!
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